ACWA Power, a prominent Saudi developer has signed a partnership agreement with VERBUND, Austria’s top electricity utility, to jointly explore the potential development of green hydrogen projects in the Middle East region to produce hydrogen for Verbund to use as a renewable energy source in Central Europe, with a primary focus on Austria. Although the partnership between ACWA Power and VERBUND is still in its early stages, the two parties are in a good position to move the project forward swiftly, in part because of ACWA Power’s ongoing involvement in and activities related to environmentally friendly hydrogen.
The first at scale green hydrogen project is being developed by the NEOM Green Hydrogen Company (NGHC), an equal joint venture between NEOM, ACWA Power, and Air Products. The project, which is expected to be finished in 2026, will generate up to 600 tonnes of carbon-free green hydrogen per day in the form of green ammonia, which will be used as an affordable worldwide transportation alternative. VERBUND’s technological capabilities and over 75 years of hydropower expertise, combined with ACWA Power’s green hydrogen knowledge, experience, and operations, will help ensure that the MoU’s objectives, terms, and aspirations are met moving forward.
In December 2022, ACWA Power signed PPAs and investment agreements with the government of the Republic of Uzbekistan to build the 1,500 MW Kungrad wind farm in Karakalpakstan, Uzbekistan. The wind farm, which was previously known as the Karakalpakstan Wind IPP, is anticipated to include three 500 MW wind power projects owned by three subsidiaries. These would be ACWA Power Kungrad Wind 1 LLC FE, ACWA Power Kungrad Wind 2 LLC FE and ACWA Power Kungrad Wind 3 LLC FE.